Deal agreed for Appledore Shipyard assets
A deal has been agreed for a listed business to acquire substantially all the assets of Appledore Shipyard in Devon.
InfraStrata, the owner of Belfast's historic Harland & Wolff (H&W) yard, has acquired the assets, with the site to be renamed H&W (Appledore).
The business, which is focused on strategic infrastructure projects and physical asset lifecycle management, is paying £7m for the "highly strategic asset with a rich shipbuilding heritage".
The announcement was said to represent a huge economic boost for the area and provides a lifeline for the skilled local workforce after the shipyard was closed in March last year.
As well as providing a significant opportunity to build a prominent presence in mainland UK, InfraStata said there were significant synergies between Appledore and H&W.
The deal includes 29 acres of freehold land, 322,975 sq ft of undercover fabrication halls, 119 metre length of undercover dry-dock and 500 metres of quayside at the Newquay yard for ship repairs.
InfraStrata chief executive John Wood said: "I am delighted that the company has acquired Appledore shipyard and this is another important milestone in the growth of the company. We have been fortunate that these assets have become available.
"The acquisition at this point in time is opportunistic for the company and one that should not be missed. It not only gives us a strategic foothold in mainland UK but also makes the overall business highly competitive in the smaller and higher ends....